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(Continued from Page 1) use value taxation program. Roll back taxes for the proceeding five years are due only on the portion of the property that has been developed.)
Situation Dfacumed
Beard noted that the special land use subcommittee hadn’t yet held a meeting but he had some predictions for the RLEP audience on what changes it would recommend to the General Assembly. Currently the minimum size of a tract eligible for use value taxation is five acres. "This will go up. It may jump considerably,” Beard said.
Changes may also be made in the penalties for dropping out of a land use program. As the law stands now, a property owner must pay deferred roll-back taxes for the previous five years once land is developed. The law calls for a six per cent penalty to be assessed on the deferred taxes.
‘‘Well, that’s a joke because you can’t borrow money at less than nine or ten per cent interest,” according to Beard. “So I’m sure that’s going to go up.” Beard also predicted that regulations regarding forest land would be revised. Currently, forest property taken out of land use is
71.8%